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A first-of-its-kind study focusing on the marijuana industry raises questions about financial reporting and accounting practices in the marijuana industry.

The study looks to untangle certain aspects of the financial reporting process “that are fundamentally confusing to a retail investor,” making it hard to identify good companies, said Michael Miller, co-author and director of finance at White Sheep Corp, a strategic investor in cannabis assets.

The findings were presented to students recently at Cambridge University’s Judge Business School.

The analysis will be released to the public after being presented a second time in the coming weeks.

Alan Jagolinzer, a Cambridge professor of financial accounting, and Steven Looi, White Sheep’s director of origination, were the other co-authors.

The study ultimately focuses on how the “fair value” of cannabis crops are reflected